## Carin opened a money market account with a deposit of $3,000. This account earns 2% simple interest annually. How many years will it take fo Question Carin opened a money market account with a deposit of$3,000. This account earns 2% simple interest annually. How many years will it take for her $3,000 deposit to earn$430 in interest, assuming she does not withdraw any of the money?

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6 months 2021-07-27T11:31:15+00:00 1 Answers 6 views 0

The correct answer is – 7.166 years

Step-by-step explanation:

Given:

principle amount: 3000

rate of interest: 2%

time?

Interent to get: 430

Formula:

I = P*t*r/100

here p = principle

I = interest

r = rate of intrest and t = time

Solution putting value and deriving Time as formula:

(3000*2*t)/100 = 430

t = 43000/3000*2

= 7.166 years.